Saudi Arabian Mining Company (Maaden) (1211) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue rose 16% year-over-year to SAR 8.51 billion, with EBITDA up 16% and net profit up 58% to SAR 1.55 billion, driven by higher sales volumes, strong pricing, and operational excellence in phosphate and aluminum.

• EPS increased 54% year-over-year to SAR 0.41.

• Major strategic acquisitions included increased stakes in ALBA and Mosaic, and a new JV with Aramco for critical minerals.

• Operational momentum supported by new gold and copper discoveries at Wadi Al Jaww, Jabal Shayban, and Mansourah-Massarah.

• Advanced major projects such as Phosphate 3 Phase I and launched a new brand identity.

Financial highlights

• Revenue: SAR 8.51 billion (+16% YoY), EBITDA: SAR 3.47 billion (+16% YoY), Net profit: SAR 1.55 billion (+58% YoY).

• Operating cash flow reached SAR 1.94 billion; closing cash position SAR 12.36 billion.

• Net profit margin improved to 18% from 13% YoY; EBITDA margin at 41%.

• SAR 3.6 billion invested in Alba acquisition; SAR 1.4 billion in CapEx, mainly for Phosphate 3.

• Issued $1.25 billion (SAR 4.68 billion) international sukuk, oversubscribed 9x; repaid SAR 3.5 billion sukuk.

Outlook and guidance

• 2025 CapEx guidance revised to SAR 7.55–9.55 billion, with 70–75% allocated to growth.

• Production guidance: DAP 5,900–6,200 KMT, Aluminum 850–1,100 KMT, Gold 475–560 koz.

• Remain on track to achieve 2025 guidance; focus on disciplined capital allocation and advancing major projects.

• Monitoring US tariff developments; limited direct impact expected.

• No material exposure to OECD Pillar Two income taxes anticipated for Q1 2025.